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November 27, 2022
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Bitcoin fell below $ 30,000 for the first time since January 2021

Bitcoin has plunged below $ 30,000, a key level of psychological support that is likely to have a big impact on sentiment.

BTC drops below $ 30,000

Bitcoin was trading below $ 30,000 today – about 55% down from the all-time high in April. The declines led to the liquidation of more than $ 1 billion worth of positions, and Bitcoin experienced levels unseen since late January.

There is general agreement that a drop below $ 30,000 could trigger a major wave in the global marketplace.

The downward pressure is largely generated by regulatory news from China that recently took steps to ban Bitcoin mining and trading.

China is the world’s leading center for BTC mining and perhaps the world’s largest trading market as well. With the digital yuan approaching, it looks like the government is looking to get rid of competition.

China has taken steps in the past to ban or restrict Bitcoin. This is why the market did not react too strongly. However, if the Middle Kingdom really takes serious action, the impact can be dire.

The altcoin market is bleeding

As usual in such cases, Bitcoin pulled altcoins with it. Most altcoins saw even greater drops than the pioneering coin. Ethereum fell below $ 2,000 and Binance Coin lost its position to Cardano. The project that experienced the greatest rebound is Chiliz. The CHZ price has increased 15% in the last hour and the token is trading at $ 0.25.

Current Bitcoin rate and other cryptocurrencies, you can always check the tabs: exchange rate Bitcoin and the cryptocurrency rate on the website . A place where you can buy BTC and more coins, include cryptocurrency exchange BitBay.net. If you do not have an account on BitBay yet, from this article you will find out how you can efficiently create one: LINK.

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